What is HBAR?
Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications (DApps).
It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.
It was funded through an initial coin offering (ICO) in August 2018 and first launched open access to its mainnet just over a year later in September 2019. As part of the ICO, investors were able to purchase the platform’s native utility token (HBAR) at the lowest possible pricing.
The HBAR token has a dual role within the Hedera public network.
First and foremost, HBAR the fuel that powers Hedera services, such as smart contracts, file storage and regular transactions. Second, it’s used to help secure the network, since HBAR users can stake their tokens to assist with maintaining the integrity of the platform. – CMC
Hedera is one of the most interesting projects in the entire Crypto space. Dr. Leemon Baird is credited as the inventor of the hashgraph consensus algorithm that is used by Hedera. He holds a PhD in Computer Science, has been a professor of Computer Science, is the co-founder and CTO of not only Hedera but Swirlds as well. He holds multiple patents and publications and has spoken about computer security, machine learning and mathematics. Let’s just say that he is smarter than most people standing in line to buy their weekly groceries.
Credit Cards rack up about 108 Million transactions a day on average. Things generally heat up during holidays but the average is still a very impressive number. Hedera is currently showing almost 6M transactions per day with an average 6.67 seconds to finalize the transaction. These are very impressive real world numbers that will only get better as more improvements are identified and made.
With names like Chainlink, Boeing, Google and IBM, Hedera has made an impression that can last for decades. There model calls for 39 different members that will be equally spread through time, region and sector.
HBAR Price Action
HBAR kicked off 2021 with an explosive 1476% rally that created a new ATH and took just shy of 3 months to complete. When he dust settled after the fact, HBAR gave back nearly 70% of that rally. However, HBAR was not done. Towards the end of July, HBAR had another run, this one going for 271% but almost an identical amount of USD Value Gain at $0.4210. The previous 1476% rally was a gain of $0.4266. The drop after this new ATH was only 63% compared to the nearly 70% from the previous rally and fall.
HBAR has made a significant bounce recently that helps to confirm the overall macro trendline and helps to reinstate that HBAR could be healthy enough for another move upward.
In the chart above we can see the trendline bounce was also helped by a previous resistance trendline from the previous rally. The current rally does have its own trendline to contend with and we expect to see some resistance getting through those levels.
There is a potential move on the horizon and it looks to be a pretty good one at that. A 150% move could just be getting started now if HBAR is able to hold the lower trendline and start walking itself back to the ATH. We would be looking for a new ATH to be made but then we expect some serious profit taking in that area.
If HBAR is able to create a new ATH and break through the upper trendline resistance then we could be looking at an explosive move into price discovery that lands HBAR just shy of $1 at $0.96.
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